First Crypto Zone Will be Created in Dubai

Based on the Dubai World Trade Center (DWTC), the Dubai government will create the first “comprehensive area and regulatory authority” for digital assets, products, operators and exchanges.

According to City A.M with reference to the Dubai Media Bureau, the government intends to create all the necessary conditions for the development of the industry, including rules on combating money laundering, tracking cross-border transactions, combating the financing of terrorism and many others.

In the near future, the Dubai government hopes to create a comprehensive crypto ecosystem for the introduction of innovative financial products, including blockchain-based technologies like NFTs.

Earlier, The Government of Dubai Media Office announced that the authorities have never approved DubaiCoin. Officials said there is no “official cryptocurrency” in Dubai. “The website promoting the coin is an elaborate phishing campaign designed to steal the personal information of visitors,” the government added.

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